Swiss investment bank UBS has hired former head of electronic equities product for Europe at Barclays Nej D’jelal to lead its cross-asset trading platform Neo, The TRADE understands.
D’jelal will join UBS early next year as head of the Neo platform at UBS, sources familiar with the matter told The TRADE. A spokesperson at UBS declined to comment on the appointment.
The Neo platform at UBS provides execution and research in FX, rates, credit, cash equities and equity derivatives. It also offers pre- and post-trade capabilities, prime services and analytics.
The TRADE revealed earlier this week that D’jelal will depart Barclays for a more senior role at an investment bank. He leaves the institution after more than eight years, having held multiple senior product roles in electronic equities and quant prime services.
D’jelal marks the latest departure for the electronic trading division at Barclays. Head of execution sales, Matthew Cousens, departed the investment bank for Citi late last year, while Graham Wayne, left in June after working in electronic equities product for three years.
UBS restructured its investment banking operations in January and combined the equities, foreign exchange, rates and credit trading into three verticals within the global markets division. The verticals include execution and platform, derivatives and solutions, and financing.
Group chief financial officer at UBS, Kirt Gardner, said on the bank’s second quarter 2020 earnings call in July that the business gained market share in electronic trading in FX and US cash equities, reflecting the continued investments in its platforms. He added that global markets revenues also increased 25% during the period.